Ripple price is approaching the next key break against the US Dollar. XRP price could either rally above $0.2325 or it might start a fresh decrease towards $0.2100.
Ripple Price Analysis
After tagging the $0.2100 support area, ripple price started a steady rise against the US Dollar. XRP/USD traded above the $0.2150 and $0.2160 resistance levels to move into a short term positive zone.
Moreover, there was a close above the $0.2250 level and the 55 simple moving average (4-hours). The price even broke the $0.2300 level, but it is struggling to clear the $0.2315 resistance area.
Ripple price is currently consolidating gains below the $0.2315 resistance. An initial support is near the 23.6% Fib retracement level of the upward move from the $0.2098 low to $0.2321 high.
Besides, there is a major breakout pattern forming with support near $0.2270 on the 4-hours chart of the XRP/USD pair. If there is a downside break below the $0.2270 and $0.2250 support levels, the price could start a fresh decrease.
The next support is near the $0.2210 level and 55 simple moving average (4-hours). Additionally, the 50% Fib retracement level of the upward move from the $0.2098 low to $0.2321 high.
Any further losses may perhaps lead the price towards the $0.2100 support area. The next major support is near the $0.2000 area. Conversely, the price could break the triangle resistance and $0.2325.
In the mentioned bullish case, the price is likely to surge above the $0.2350 level. The next major resistance is near the $0.2450 level, above which the bulls are likely to target a test of the $0.2620 resistance area in the coming days.
Looking at the chart, ripple price is clearly approaching the next crucial break. It could either rally above $0.2325 or it might start a fresh decrease towards $0.2100. Besides, if bitcoin climbs above $7,700, XRP is likely to follow and rise above $0.2325.
4 hours MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 55 level, with positive signs.
Key Support Levels – $0.2270, $0.2250 and $0.2210.
Key Resistance Levels – $0.2325 and $0.2450.
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